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Q and A: The new debt forgiveness rules

Published on 01 Aug 96 by "TAXATION IN AUSTRALIA" JOURNAL ARTICLE

This article examines the new amendments to the commercial debt forgiveness provisions of ITAA 36. The amendments contain rules to eliminate or reduce a debtor's revenue losses, net capital losses, certain undeducted expenditures and the cost base of certain assets when a commercial debt is forgiven.

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KPMG TAX CENTRE

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